Question

You are buying and reselling items found at your local thrift shop. You found an antique pitcher for sale. If you need a 37% markup on cost and know most people will not pay more than $21 for it, what is the most you can pay for the pitcher? Note: Round your answer to the nearest cent.

Answer 1

To find the maximum amount you can pay for the pitcher, you need to calculate the cost price based on the desired markup and the selling price constraint.

Step-by-step explanation:

To determine the most you can pay for the antique pitcher, you need to calculate the cost price. As you require a 37% markup on the cost, the selling price would be 100% + 37% = 137% of the cost price. Let's say the cost price is 'x'. So, you need to find the value of 'x' such that 137% of 'x' is equal to $21.

Using the formula for calculating a percentage of a number, you can set up the equation: 137% of 'x' = $21.

Now, divide both sides of the equation by 137% to solve for 'x'. 'x' = $21 / (137/100).

So, you can pay up to $21 / (137/100) for the pitcher. Round this value to the nearest cent to get the final answer.

Answer 2

To determine the most you can pay for the antique pitcher, you need to find the original cost and add a 37% markup. Assuming the cost of the pitcher is C dollars, the maximum you can pay is $15.34.

Step-by-step explanation:

To determine the most you can pay for the antique pitcher, you need to find the original cost and add the desired markup. Let's assume the cost of the pitcher is C dollars.

The markup would be 37% of C, which is 0.37C.

The selling price should not exceed $21, so we can set up the following equation: C + 0.37C ≤ 21.

Simplifying, we get: 1.37C ≤ 21. Divide both sides by 1.37 to solve for C: C ≤ 15.33.

Therefore, the most you can pay for the pitcher is $15.33 rounded to the nearest cent, which is $15.34.